That’s one way to turn a small loss into a big gain.
Disney/Gene Duncan/Associated Press Shares of Walt Disney (DIS) were sitting near there low of the day–down about 0.6%–when word spread that the company planned to buy back more of its stock. A lot more.
According to Bloomberg, Chief Financial Officer Jay Rasulo told investors at a conference that Disney plans to buy back some $6 billion to $8 billion of shares next year. And as the headlines crossed terminals and newswires on trading floors, Disney’s shares surged. They’re now up 2.8% ay $65.72 at 1:56 p.m.
Here’s a chart of the move:
Shares of CBS (CBS) have gained 1.7% to $55.45, Viacom (VIAB)has risen 1.5% to $83.24 and Time Warner (TWX) is little changed at $63.34
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